Graphite Capital is developing ICR into a broader, technology-enabled provider of inspection, repair and maintenance services to the global energy and industrial sectors

ICR has a strong presence in the North Sea, the Middle East and Australia, with emerging operations in America. ICR also delivers its services globally through a partner network. The group operates through three divisions: Repair (engineered composite repairs, weldless connectors, leak sealing and specialist onsite machining), Inspection and Integrity (composite inspection, Integrity monitoring, drone inspection and asset integrity software) and Preservation (chemical injection pumps). Demand for these services is driven by an ageing industrial infrastructure. ICR differentiates itself through strong technical capabilities, a track record of successful projects and its ability to operate in high-risk environments.

The global industrial infrastructure is ageing and requires increasing inspection, repair and maintenance. In the UK North Sea, 60% of the over 300 offshore installations have operated for more than 20 years, many of them beyond their original design life. Consequently, UK North Sea maintenance spend has grown rapidly over the past 15 years. Onshore industrial installations in the UK and across the world also have a similarly ageing profile which will drive growth opportunities for ICR.

ICR has a strong reputation for quality and deliverability in a sector with strict health and safety requirements. In recent years, ICR has significantly diversified its operations, which has increased the group’s resilience, in particular during Covid-19. Graphite is supporting ICR’s international expansion and the development of its R&D pipeline to launch new services in data analytics and drone inspection.